Pre-Marital Agreements - When and How to Prepare
Quick tips for preparing for a new marriage.
Do I need a prenup?Everyone should have a prenup. Many more people are marrying later in life and therefore have more to protect such as a house or retirement accounts.
When should I seek legal advice on a prenup?As soon as there is a wedding date set. The prenup needs to be negotiated, drafted and signed well in advance of the wedding so there can be no question as to whether either party was placed under duress or coerced. Ideally you should start having your attorney negotiate and prepare the prenup several months before the wedding.
What information will my attorney need for a prenup?Your attorney will need a copy of all of your financial statements showing what assets and debts you have prior to the marriage, a list of any property or debts held jointly between you and your fiance and will need to know how you want to handle the property you had before marriage versus how do you want to handle certain property acquired during the marriage. Start with gathering your credit report from all three major credit bureaus and listing all of your assets and debts with copies of the statements to support your figures. Also give thought to how bills will be paid and by whom during the marriage. Finally, you want to consider how you would want these same assets handled should the marriage end by divorce, separation, poor health or death. Having these conversations and mapping out each parties expectations now can save both parties a significant amount of time and money later.